This week’s Super Alert includes guidance from the OAIC and AUSTRAC in relation to compliance activities during the COVID-19 pandemic, as well as various ATO updates. We wish everyone a peaceful and safe Easter.
OAIC provides COVID-19 privacy guidelines
On 1 April 2020, the OAIC provided an update on its recent activities in relation to COVID-19. In particular, the OAIC has ‘developed privacy guidance for … private sector employers to help keep workplaces safe and handle personal information appropriately as part of the COVID-19 response’.
The key points of this guidance (which would apply to member information) include that ‘[p]ersonal information should be used or disclosed on a ‘need-to-know’ basis’ and entities must ‘[e]nsure reasonable steps are in place to keep personal information secure, including where employees are working remotely’.
Please click here and here to read more.
AUSTRAC guidance on flexible KYC requirements
On 1 April 2020, AUSTRAC issued some guidance on how to comply with ‘know your customer’ (KYC) requirements during the COVID-19 pandemic. AUSTRAC has suggested that reporting entities request electronic copies of customer documentation and then rely on additional verification processes to verify a customer’s identity such as:
- ‘Using a video call, such as Skype, Zoom or FaceTime to compare the physical identity of a customer with scanned or photographed copies of identification documents’; or
- ‘Requiring a customer to provide a clear, front-view ‘selfie’ of themselves that can be compared with the scanned or photographed copies of identification documents’.
Please click here to read more.
ATO update on early release of super and unclaimed money reporting
On 3 April 2020, the ATO released CRT Alert 007/2020, announcing that it will;
- Shortly ‘publish a sample of the coronavirus early release of super outbound data file’; and
- ‘Produce one file per business day and this file will be available for funds to download’.
The ATO also released CRT Alert 008/2020 on the same day stating that it will soon advise trustees that it is ‘granting a deferral of the scheduled statement day and payment day for 31 December unclaimed money day accounts’ from the 30 April 2020 due date to 31 October 2020.
CRT Alert 009/2020 was then released on 6 April 2020 in relation to how individuals can register their interest for an early release of super.
Please click here, here and here to read more.
ATO update on new matters under consultation
On 7 April 2020, the ATO updated its webpage regarding matters currently under consultation. Two recent superannuation matters include consultations to:
- Seek feedback on the proposed content of a draft fact sheet that ‘explains to individuals the contributions caps implications when a compensation payment from their financial service provider is made to their superannuation fund’; and
- ‘Seek feedback on the proposed Annual obligations protocol which will replace the existing annual amounts and balances section that is published in the Fund reporting protocol’ as part of the Member Accounts Transaction Service.
Please click here to read more.
APRA suspends licence applications
On 8 April 2020, APRA wrote to all new applicants for RSE licences to advise that it will be temporarily suspending its activities in relation to issuing new licences for at least six months. This is because APRA considers that the current economic climate may make it uncertain ‘that a new entrant will be able to honour the financial promises it makes’ and it would not be ‘prudent to license APRA-regulated entities at this time’.
Please click here to read more.
This article was written by Natalie Cambrell, Partner, Sanela Osmanovic, Senior Associate and Joseph Cheung, Solicitor.